Business
Shore Gold Inc. announces third quarter results
Shore Gold Inc. announces third quarter results
About this update from Wescan Goldfields Inc.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- SASKATOON, Nov. 12 /CNW/ -- Shore Gold Inc. (\"Shore\" or the \"Company\") reports that the unaudited results of Shore's operations for the quarter ended September 30, 2009 will be filed today on SEDAR and may be viewed at www.sedar.com once posted. A summary of key financial and operating results for the quarter is as follows:Highlights- Announced the completion of the pre-feasibility study (\"PFS\") andReserve Estimate on the Star Diamond Project (\"Star\")- Announced the completion of the Resource Estimate for the exploredportion of the Orion South Kimberlite (\"OS\") located within the Fortà la Corne Joint Venture (\"FALC-JV\")- Signed letter agreement (\"Letter Agreement\") with Saskatchewan PowerCorporation (\"SaskPower\") to commence preliminary engineering studiesfor a power supply to the Fort à la Corne area- Working capital of $16.3 million at September 30, 2009- Issued and outstanding shares of 200,154,242 at September 30, 2009- Closed a private placement for gross proceeds of $27.5 million onOctober 13, 2009OverviewStar Diamond ProjectDuring the quarter, the Company announced the positive results of the PFS and Reserve estimate on Star (See SGF News Release August 27, 2009). The Mineral Reserve estimate, as prepared by independent Qualified Persons from P&E Mining Consultants Inc. (\"P&E\"), includes Probable Mineral Reserves of 171 million tonnes at a grade of 12 cpht containing 20 million carats. Shore commissioned the PFS, National Instrument (\"NI\") 43-101 compliant Mineral Reserve estimate and related Technical Report for Star (which includes Star West, that portion of the Star Kimberlite that falls within the FALC-JV) and, as such, the PFS and Technical Report are the sole responsibility of Shore. The Technical Report that documents the PFS and Mineral Reserve estimate can be viewed on the Company's website (www.shoregold.com) or on SEDAR (www.sedar.com).The Company announced that a Letter Agreement has been signed between Shore and SaskPower to provide planning services for a potential electrical power supply to Star (See SGF News Release September 30, 2009). Specifically, Shore requires SaskPower to carry out the preliminary engineering and environmental studies required to identify preferred routing options for the location of power lines to connect...